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How to Apply for Education Loan in India

433 Oct 30, 2013

Now, most of the reputed banks in India offer lucrative loan plans to the students. However, now the terms of conditions of applying for these loans have become far easier. So, most of the students can easily understand them and eventually can apply the loans for completing their higher education. Now, with the help of internet, it has become easier to apply for any education loan.

What are the eligibility criteria?

For getting the loans from any reputed bank in India you have to fulfill some of the eligibility criteria. Those are stated below.

"· First of all you have to be an Indian citizen.

"· Your age has to be from sixteen to thirty five.

"· If you take a loan more than 7.5 Lakh, you have to take a collateral security for that.

"· For any kind of full time courses you need to have a co-applicant. Your parents, siblings or wife can be mentioned as co-applicant.

"· A medical certificate has to be produced by the applicant.

"· University fee demand has to be produced by the applicant to the bank.

For each bank, these criteria can be different. However, overall, it is always kept in mind by the banks that the criteria remain quite easy for the students to fulfill, so that they don't need to go through any stringent terms and conditions for applying the loans.

How to apply:

You have to go through the official website of the bank from which you want to take the loan for higher studies. All the terms and conditions and the other necessary eligible criteria will be given in the website. You have to apply online for the loan. If you don't understand anything just put your number in the website. A customer care service executive of the bank will immediately call you to guide you perfectly so that you can apply your education loan easily.

You can do it offline also by going into the bank branches and filling up some necessary forms. All the other necessary papers have to be produced to the bank if required. Now, most of the banks are trying their best to make the apply process of the education loans far smoother and easier so that more and more students can apply for it.

Charges required:

All they banks don't take any processing charges for applying this loan. All the necessary charges are applicable when you repay the loan to the bank. Most of the banks take charges for unpaid EMI or bounce cheques. Stamp duty and some other statuary charges are also taken by bank as per the Government rules. Loan re-scheduling or re-booking charges are also taken by the bank authority. Duplicate of no dues certificate, credit assessment charges, solvency certificate, Cheque swapping charges are not generally applicable for any bank.

As most of the students from lower middle class families apply for these loans, most of the banks are trying to make it as easier as possible to apply for the loans. Bank officials help the customers a lot to guide them about how they can apply for the loan easily.

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